Oil prices rose on Thursday amid supply concerns after geopolitical tensions over the Russia-Ukraine war escalated.
Brent crude futures for January delivery rose 28 cents, or 0.4%, to $73.09 a barrel. U.S. West Texas Intermediate crude futures for January delivery rose 28 cents, or 0.4%, to $69.03 a barrel.
Ukraine on Wednesday fired a barrage of British Storm Shadow missiles at Russia, the latest Western weapon it has been allowed to use against targets deep inside Russia, a day after it fired US ATACMS missiles.
The U.S. Energy Information Administration said on Wednesday that U.S. crude and gasoline stocks rose while distillate inventories fell during the week ending Nov. 15.
The Energy Information Administration added that crude inventories rose by 545,000 barrels to 430.3 million barrels during the week, compared with analysts' expectations in a Reuters poll for an increase of 138,000 barrels.
Meanwhile, OPEC+ sources familiar with the matter said the alliance may postpone production increases again when it meets on December 1 amid weak global demand for crude.
